The United States and Vietnam - Promoting Economic Ties
Since our Bilateral Trade Agreement came into force in December 2001, the economic relationship between the United States and Vietnam has flourished. Our two-way trade has grown from about $1 billion in 2001 to almost $22 billion last year, with a 17 percent increase in exports from 2010 to 2011. We continue to see great potential for expanding U.S. exports into the growing Vietnamese market in support of Vietnam’s economic and development aspirations. As a symbol of our growing ties through both trade and people-to-people engagement, today Secretary Clinton witnessed the signing of two contracts between U.S. and Vietnamese enterprises and congratulated the recipient of a Higher Engineering Education Alliance Program scholarship for young women.
General Electric (GE) Deal with Cong Thanh: Under this contract with Cong Thanh, a private Vietnamese company, GE will supply one steam turbine generator for the 660-megawatt thermal power plant in the Nghi Son Economic Zone, in Thanh Hoa province, Vietnam. The project includes $36 million in U.S. export content. The power plant will provide needed energy to fuel Vietnam’s economic development.
General Electric (GE) Deal with the Vietnamese National Power Transmission Corporation (NPT): Under this contract, GE will supply electricity transmission capacitors to NPT in a three-phase project worth $50 million. The capacitors will help Vietnam increase its energy efficiency and better regulate its national energy grid. The project will enable development of a smart grid to distribute energy reliably and efficiently to improve residential quality of life and promote economic development.
Higher Engineering Education Alliance Program (HEEAP): Through HEEAP, the U.S. Agency for International Development (USAID), Arizona State University, Intel, and other private sector partners are working with eight Vietnamese academic institutions to improve the quality of engineering education in Vietnam, particularly for women, who are often underrepresented in the field of engineering. As part of its contribution to this public-private partnership, Intel will award several hundred scholarships over the next few years to women to pursue degrees in engineering at vocational colleges in Vietnam. Through this program, the United States is helping Vietnam prepare its workforce to meet the demands of the highly competitive global economy.